ESRT Announces $715M Credit Facility 

Empire State Realty Trust, Inc. announced a new $715 million credit facility through its operating partnership, Empire State Realty OP, L.P. The facility comprises a $620 million revolving credit line and a $95 million term loan, replacing existing facilities set to mature in March 2025. 

With maturity set for March 2029, both the revolving credit and term loan offer optional extension periods. Initial interest rates are linked to SOFR, starting at SOFR plus 130 basis points for the revolving credit and SOFR plus 150 basis points for the term loan. 

Notably, the facility incorporates a sustainability-linked pricing mechanism, incentivizing benchmark achievements annually. The credit facility was arranged by BofA Securities, Inc. and Wells Fargo Securities, LLC as joint bookrunners, with Bank of America, N.A. serving as administrative agent. JPMorgan Chase Bank, N.A. and U.S. Bank National Association were joint lead arrangers, with U.S. Bank National Association acting as documentation agent. Bank of Montreal and Goldman Sachs Bank USA served as senior managing agents, and BofA Securities, Inc. acted as the sustainability structuring agent.